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Bank charges: EU clamps down on bonuses and capital

The European Parliament has made a final decision on a cap for banker bonuses and capital requirements.

It has been agreed that banker bonuses will be capped at 100 per cent of their annual salary, or 200 per cent if shareholders agree.

This has been implemented under recommendations from the Basel Committee and is supposed to deter bankers from making risky investments that led to the financial crisis.

Yet the UK government tried to oppose this cap as it thought this would encourage banks to increase their wages. It was outvoted 26 to one in March.

Capital requirements for EU banks are also going to go up from two per cent to 4.5 per cent.

This is so banks can protect themselves if their investments fall through, which means that governments will not have to bail them out as they did during the financial crisis.

The changes will come in from the start of January 2014.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801572747-ADNFCR

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